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Properties in region Varna - Page 12

Varna is the largest city on the Bulgarian Black Sea Coast, third-largest in Bulgaria after Sofia and Plovdiv, and 80th-largest in the European Union, with a population of 356,180. Commonly referred to as the marine capital (or summer capital) of Bulgaria, Varna is a major tourist destination, seaport, and headquarters of the Bulgarian Navy and merchant marine, as well as the centre of Varna Province and Bulgaria's North-Eastern planning region, comprising the provinces of Dobrich, Shumen, Targovishte, and Varna. Varna is the second most important economic centre for Bulgaria after Sofia and one of the major hubs for the Black Sea region.

The economy is service-based, with 61% of net revenue generated in trade and tourism, 16% in manufacturing, 14% in transportation and communications, and 6% in construction. The city is the easternmost destination of Pan-European transport corridor 8 and is connected to corridors 7 and 9 via Rousse. Major industries traditionally include transportation (Navigation Maritime Bulgare—Navibulgar), Port of Varna, Varna International Airport), distribution (Logistics Park Varna), shipbuilding, ship repair, and other marine industries (see also Oceanic-Creations). With the nearby towns of Beloslav and Devnya, Varna forms the Varna-Devnya Industrial Complex, home to some of the largest chemical, power, and manufacturing facilities in Bulgaria, including the two largest cash privatization deals in recent history, Varna Pover Plant and Sodi Devnya. In June of 2007, Eni and Gazprom disclosed the South Stream project whereby a 900 km-long offshore natural gas pipeline from Russia's Dzhubga with annual capacity of 30 cubic kilometers is planned to come ashore at Varna, possibly near the Galata offshore gas field, en route to Italy and Austria.

Tourism is of foremost importance with the suburban beachfront resorts of Golden Sands, Holiday Club Riviera, Sunny Day, Constantine and Helena, and others with a total capacity of over 60,000 beds (2006), attracting millions of visitors each year (4.74 million in 2006, 3.99 million of which international tourists).

The resorts received considerable internal and foreign investment in the late 1990s and early 2000s, and are environmentally sound, being located reassuringly far from chemical and other smokestack industries. Varna is also Bulgaria's only international cruise destination (with over 30 cruises scheduled for 2007) and a major international convention and spa centre. Real estate is booming, with some of the highest prices in the nation, in the fall of 2007 surpassing Sofia.

Commercial real estate is developing major international office tower projects. In retail, the city not only has the assortment of international big-box retailers now ubiquitous in larger Bulgarian cities, but boasts made-in-Varna national chains with locations spreading over the country such as retailer Piccadilly, restaurateur Happy, and pharmacy chain Sanita. Currently, there are four malls approaching completion and another three projects in development, turning Varna into an attractive international shopping destination (Phohe Mall, Mall of Varna, Central Plaza, Grand Mall (formerly Orchid Mall), Gallery Mall, Cherno More Park, and Varna Towers), plus a major retail park under development outside town.